Friends
The bulls were not really able to extend Friday’s rally (the rally that erased the losses that had mounted during the week), as trading was extremely quiet and volatility pretty much non-existent. Stocks did end on the positive side of the ledger, but the gains were minimal. The narrative turned back to the Fed and just when the tapering process could begin. Comments from Fed officials giving speeches seemed to garner most of the attention today.
By the close, the Dow Jones Industrial Average was up 5 points to finish the day at 16,026. The S&P 500 was up 3 points to close at 1808. Gold was up $11 to trade at 1240 per ounce, while oil was down $.30 to trade at $97.35 per barrel WTI.
It is somewhat a slow week on the economic front after last week’s fireworks. We’ll get the weekly jobless claims on Thursday as well as retail sales. On Friday we’ll get the Producer Price Index. We’ll keep an eye on the possible compromise that might be brewing in the House, but we won’t get our hopes up. Let’s see how the week shapes up.
Have a nice evening everyone.
